United Kingdom GDP Annual Growth Rate 1956-2014 | Data | Chart | Calendar

The Gross Domestic Product (GDP) in the United Kingdom expanded 3 percent in the third quarter of 2014 over the same quarter of the previous year. GDP Annual Growth Rate in the United Kingdom averaged 2.46 Percent from 1956 until 2014, reaching an all time high of 9.80 Percent in the first quarter of 1973 and a record low of -5.80 Percent in the first quarter of 2009. GDP Annual Growth Rate in the United Kingdom is reported by the Office for National Statistics.

   
  Forecast  

United Kingdom GDP Annual Growth Rate


Actual Previous Highest Lowest Dates Unit Frequency
3.00 3.20 9.80 -5.80 1956 - 2014 percent Quarterly
From 1993 to 2007 the United Kingdom has reported an average annual rate of growth of 3.3 percent. Yet, since the recession in 2008 and 2009 the growth has been sluggish and in the last three years averaged meager 0.9 percent. This page provides - United Kingdom GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Content for - United Kingdom GDP Annual Growth Rate - was last refreshed on Wednesday, November 26, 2014.


UK GDP Growth Matches Estimates in Q3


The British economy expanded 3 percent year-on-year in the third quarter of 2014, unrevised from the preliminary estimate. Private consumption was the main contributor to growth while exports shrank for the second consecutive quarter.

Household final consumption has been rising each quarter since Q4 2011 and was 2.4 percent higher in Q3 2014 than in the same period a year ago.

Government final expenditure increased by 1.7 percent, up from a 1.2 percent rise in the previous three months and non-profit institutions serving households final consumption increased by 1.0 percent (0.7 percent in Q2). 

Gross fixed capital formation increased by 7.1 percent, following a 9.1 percent rise in the second quarter. Business investment slowed (6.3 percent from 11 percent in the previous period) but is still £2.6 billion higher than the pre-downturn peak in Q2 2008.

Exports shrank 1 percent and imports contracted 2.4 percent. 

On a quarter-on-quarter seasonally adjusted basis, the economy expanded 0.7 percent in the three months to September, slowing from a 0.9 percent growth in the previous period.

ONS | Joana Taborda | joana.taborda@tradingeconomics.com
11/26/2014 11:55:41 AM


Recent Releases

UK Economy Advances 3% YoY in Q3
British GDP expanded 3 percent year-on-year in the third quarter of 2014 compared with a 3.2 percent increase in the previous three months. Yet, preliminary estimates showed the GDP is estimated to have been 3.4 percent higher than the pre-economic downturn peak of the first quarter of 2008. Published on 2014-10-24

UK Economy Advances 3.2% YoY in Q2
British GDP expanded 3.2 percent year-on-year in the second quarter of 2014, unrevised from the second estimate but up from a flash 3.1 percent. Gross fixed capital formation recorded the highest gain in more than eleven years. Published on 2014-09-30


Calendar GMT Event Actual Previous Consensus Forecast (i)
2014-09-30 09:30 AM
GDP Growth Rate YoY Final  Q2 2014
3.2% 2.9% (R) 3.2% 3.2%
2014-10-24 09:30 AM
GDP Growth Rate YoY Prel  Q3 2014
3% 3.2% 3% 3.39%
2014-11-26 09:30 AM
GDP Growth Rate YoY - 2 Est  Q3 2014
3.0% 3.2% 3%
2014-12-23 09:30 AM
GDP Growth Rate YoY Final  Q3 2014
3.2%
2015-01-27 09:30 AM
GDP Growth Rate YoY Prel  Q4 2014
3.56%


United Kingdom GDP Last Previous Highest Lowest Unit
GDP 2522.26 2461.77 2857.08 72.33 USD Billion [+]
GDP Growth Rate 0.70 0.90 5.00 -2.70 percent [+]
GDP Annual Growth Rate 3.00 3.20 9.80 -5.80 percent [+]
GDP Constant Prices 428415.00 425437.00 428415.00 102335.00 GBP Million [+]
Gross National Product 438278.00 432153.00 438278.00 4776.00 GBP Million [+]
GDP per capita 37955.11 37569.79 40230.96 13478.93 USD [+]
Gross Fixed Capital Formation 72529.00 71633.00 75836.00 13015.00 GBP Million [+]
GDP per capita PPP 35013.27 34657.81 37112.75 23542.10 USD [+]


GDP Annual Growth Rate Reference Previous Highest Lowest Unit
Australia 3.10 May/14 3.50 9.00 -3.40 percent [+]
Brazil -0.90 May/14 1.90 10.10 -3.15 percent [+]
Canada 2.45 May/14 2.14 8.80 -3.70 percent [+]
China 7.30 Aug/14 7.50 14.20 3.80 percent [+]
Euro Area 0.80 Aug/14 0.80 5.00 -5.50 percent [+]
France 0.40 Aug/14 0.00 4.90 -4.30 percent [+]
Germany 1.20 Aug/14 1.00 5.20 -6.80 percent [+]
India 5.70 May/14 4.60 11.40 -5.20 percent [+]
Indonesia 5.01 Aug/14 5.12 7.16 1.56 percent [+]
Italy -0.40 Aug/14 -0.30 10.30 -6.90 percent [+]
Japan -1.20 Aug/14 -0.20 9.40 -9.40 percent [+]
Mexico 2.20 Aug/14 1.60 8.50 -8.10 percent [+]
Netherlands 1.10 Aug/14 1.10 5.80 -4.40 percent [+]
Russia 0.70 Aug/14 0.80 12.10 -11.20 percent [+]
South Korea 3.20 Aug/14 3.50 18.20 -7.30 percent [+]
Spain 1.60 Aug/14 1.30 5.80 -4.40 percent [+]
Switzerland 0.60 May/14 2.10 7.30 -3.70 percent [+]
Turkey 2.10 May/14 4.70 12.60 -14.70 percent [+]
United Kingdom 3.00 Aug/14 3.20 9.80 -5.80 percent [+]
United States 2.40 Aug/14 2.60 13.40 -4.10 percent [+]